Weekly Jobless Claims Beats Street View; 4-Week Average Lowest Since 2007

Initial claims for unemployment benefits last week fell 3.5 percent from a week earlier, and the four-week moving average is now at its lowest level since October 2007, the Bureau of Labor Statistics said Thursday.

Claims totaling 304,000 in the week ended July 5 were slightly below Wall Street's expectation of 315,000, and 11,000 lower than the previous week's unrevised level of 315,000.

The four-week moving average was 2,571,250, down 7,750 from the previous week. The moving average is at its lowest level since October 27, 2007, when it was 2,561,750.

The insured unemployment rate nationwide was two percent for the week ending June 28, unchanged from the previous week.

The highest state unemployment rates in the week ending June 21 were in Alaska at 3.4 percent; Pennsylvania at 2.9 percent; Connecticut at 2.8 percent; New Jersey at 2.8 percent and California at 2.7.

The highest insured unemployment rates in the week ending June 21 were in Puerto Rico (3.8), Alaska (3.4),Pennsylvania (2.9), Connecticut (2.8), New Jersey (2.8), California (2.7), Nevada (2.6), Illinois (2.4), Massachusetts (2.2), Oregon (2.2), Rhode Island (2.2) and Virgin Islands (2.2).